We are reporting, for the first time to our knowledge, measurement of the degenerate two-photon absorption (TPA) coefficient in Cd1-xMnxTe (x = 0.45) in a wide spectral range (690-1040 nm), with a 5 nm resolution. The spectral dependence of the TPA is modeled as a combination of alpha-alpha and f-f transitions. The time response is ultrafast at 780 nm with a relaxation time on the order of 14.1 ps and a large TPA coefficient on the order of 60 cm/GW at 690 nm.